Santander business credit card: cashback, fees and how to apply

Since entering the UK market in 2004, Santander has become a major player in the banking landscape, offering a range of business services for UK small and medium-sized enterprises (SMEs). The bank also offers a business credit card, aimed at helping you extend your working capital. 

Thinking of applying for a Santander Business Cashback Credit Card? In this article, we’ll cover what it offers as a business credit card, and the benefits of the card’s cashback feature. 

What is the Santander business credit card and who is it for?

The Santander Business Cashback Credit Card is the bank’s only credit card specifically aimed at business users. The card is available to a range of businesses, including UK sole traders, partnerships and limited companies

Fundamentally, the card is designed as a way to access a line of credit. This makes it easier to manage your business costs and bring extra working capital into the business. The Santander Business Cashback Credit Card also offers a great way to earn cashback rewards on your business spending. 

Who is eligible to apply for a Santander Business Cashback Credit Card

To apply for the Santander Business Cashback Credit Card, you’ll need to meet the eligibility requirements set out by the bank. For example, you’ll need to have a Santander Business Current Account to be considered for a Santander credit card.

Here’s the full list of eligibility requirements you must meet:

• You’re an existing Santander Business Current Account holder
• Your business is based and registered in the UK
• You’re either a sole trader, partnership, limited liability partnership or private limited company with no more than 2 partners or directors, who own the business entirely
• You and all other partners, members, directors or shareholders are aged 18 or over and UK residents
• You have a good credit history and haven’t been declared bankrupt
• The company, directors, owners or partners have not had an Individual Voluntary Arrangement in the last 6 years.

Key benefits of the Santander Business Cashback Credit Card

The Santander Business Cashback Credit Card is not a premium card, overflowing with perks and cardholder discounts. You’ll need a card like the Amex Business Platinum Card for those kinds of benefits. 

What the Santander card offers is a simple, no-nonsense way to get in control of your business expenses. And with the cashback feature, you can start to make the most of your card purchases and give your cash flow management a boost. 

So how do the main features of the card stack up? Let’s dive into what the Santander Business Cashback Credit Card offers:

How does the Santander's 1% cashback on business spend work?

Every time you make an eligible purchase, Santander will give you back 1% of the money you’ve spent. You’ll earn cashback on purchases of goods and services made by you or any other additional cardholders on your card. 

Note: you won’t earn cashback on: 

• Balance transfers
• Cash transactions
• Travellers’ cheques or foreign currency
• Interest
• Unauthorised or fraudulent transactions
• Any account charges
• Any purchases you cancel or are refunded

Fees, limits and interest rates explained

The key fees and interest rates for the Santander Business Cashback Credit Card are listed in the table above. But it’s worth delving a little deeper into the main fees you’ll be charged, and how the bank will analyse your ability to make repayments.

You’ll pay £30 to cover your annual fee for the card, so there’s no ‘free for the first year’ perk as seen with some of the Big Four banks, like the NatWest Business credit card. With the Santander card, you’re only charged one flat fee. There are no extra annual fees for additional cards you order for other team members.

Other fees to bear in mind include:

• £12 for any late payments against your current monthly repayment
• £12 if you’re over your credit limit on your statement date

How will Santander check your creditworthiness?

Your credit limit will range from a minimum of £500 up to a maximum of £25,000. This upper limit is subject to status. The upper credit limit you’re granted will be influenced by credit checks and whether you have a good business credit score. 

Santander will assess your creditworthiness based on:

• Your business performance
• Financial commitments
• Business goals
• Future plans.

What is the annual fee for the Santander business credit card?

The annual fee for the card is £30. The same £30 fee will be charged, however many additional cards you request, up to a limit of four cards. 

How to apply for a Santander business credit card online

Having reviewed the key features of the card, you’ll need to decide if the Santander Business Cashback Credit Card is the right fit for your business. If you believe this is the ideal card, the next stage is to apply through the Santander website.

Here’s our step-by-step overview of the application process: 

1. Check your eligibility: You must first be a UK resident aged 18 or over. The card is available to sole traders, partnerships, limited liability partnerships and private limited companies with no more than two partners, members or directors.
2. Review the key terms and conditions: Santander will send you their Key Terms and Terms & Conditions documents to review before you begin your application. Read these carefully so you know exactly what you’re agreeing to by applying for a business credit card. 
3. Provide the required information: You’ll need to provide your business and personal details, including proof of identity, proof of UK address and your Company’s House registration details if the business is a limited company. You’ll also be asked to share information about your business's financial status and turnover, to help the bank review your creditworthiness as a business.
4. Credit check: Santander will conduct a search of both your business and personal credit files with credit reference agencies as part of the application.
5. Decision on your application: Additional checks with a business specialist may be needed, depending on the circumstances of your business performance and credit history. Santander will review your application and will then let you know their decision – and the credit limit they can offer.
6. Start using your new card: No timescales are provided by Santander for making a decision on a card application, or when you will receive your card in the post, if your application is successful. It’s good practice to wait at least a week, and if you’ve heard nothing to chase up Santander via their business banking support channels. 

Managing your Santander business credit card: payments and support

Once your new card arrives, you can begin to use your line of credit to pay for business expenses, spreading the cost of your operational expenditure. 

At this point, it’s important to be in control of your monthly expenditure and to be timely with paying off the balance or minimum payment amount on your monthly bill. 

Account and card management is carried out via Santander online business banking

and the Santander Mobile Business App. Logging into online banking or the mobile app gives you access to your monthly statements, helping you to track your card spending and download reports that outline the overall expenditure on the card. 

Paying your monthly bill

It’s vital that you pay your monthly bill on time, so you don’t incur any late payment fees. A sensible way to do this is to set up a Direct Debit agreement, allowing the bank to take the required funds when the bill due date arrives. You can also pay the bill by standing order, direct transfer or via phone banking.

Santander will still accept cheques for payment via their PO Box address.

Queries, controls and customer support 

If you have a question about your card, or a problem you need to resolve, you can contact the Santander Business Support team to get the help you need.

You can add controls to the card, including blocking the card or reporting it stolen. You can also request additional cards for members of your team, or query unknown transactions that are appearing on your statement. 

How do you add or remove additional Santander cardholders?

As the business grows, you may want to add a new cardholder for your Santander Business Cashback Credit Card. 

To do this, you must download the Business Cashback Credit Card Additional cardholder form from the Santander website. Fill out all the required information for the new cardholder and return the completed form to Santander. 

To remove an existing cardholder, contact the Business Support channels and speak to a customer service representative who can process your request.

Looking for more than what a cashback card can offer?

The Santander Business Cashback Credit Card offers cashback and a flat annual fee, but you’ll need a Santander business account to apply, and you’re still tied to minimum repayments, interest charges, and credit limits set by the bank.

If you’d prefer funding that fits around your business, then iwoca’s Flexi-Loan could be a smarter solution.

• Funding up to £1,000,000: borrow what you need, when you need it.
• Only pay for what you use: no interest on unused funds.
• Repay early at no cost: save on interest, not stuck with long-term fees.
• Scale your credit as you grow: top up anytime without reapplying.
• Fast, fuss-free decisions: with approvals in just a few hours.

Find out more here.